NEW YORK, NY, Aug 04, 2009 (MARKETWIRE via COMTEX) -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported
second quarter earnings of $150 million or $0.55 a share compared
with $552 million or $2.02 a share in 2008. Excluding items
identified in the table below, earnings from ongoing operations were
$131 million or $0.48 a share compared with $114 million or $0.42 a
share in 2008.

The company's net income for common stock for the first six months of
2009 was $330 million or $1.20 a share compared with $854 million or
$3.14 a share for the first six months of 2008. Excluding items
discussed in the table below, earnings from ongoing operations were
$346 million or $1.26 a share compared with $351 million or $1.30 a
share for the first six months of 2008.

"Second quarter results were in line with expectations," said Kevin
Burke, the company's Chairman, President and Chief Executive Officer.
"Despite continued weakness in the economy, the company remains
focused on safe, reliable and efficient energy-service delivery, on
system upgrading and reinforcement, and the advancement of
environmentally-responsible energy projects."

The following table is a reconciliation of Con Edison's reported
earnings per share and reported net income for common stock to
earnings per share and earnings from ongoing operations for the three
and six months ended June 30, 2009 and 2008.

For the year 2009, the company confirms its previous forecast of
earnings per share from ongoing operations in the range of $3.00 to
$3.20 a share. Earnings per share from ongoing operations excludes
the net mark-to-market effects of the competitive energy businesses.

The results of operations for the three and six months ended June 30,
2009, as compared with the 2008 period, also reflect changes in the
company's rate plans (including additional revenues designed to
recover increases in certain operations and maintenance expenses,
depreciation and property taxes, and interest charges) and the
operating results of the competitive energy businesses (including net
mark-to-market effects). The results of operations for the six months
ended June 30, 2009 as compared with the 2008 period include a lower
allowed electric return on equity for Con Edison of New York in 2009
for the first quarter, offset in part by a higher allowed return for
the second quarter. Operations and maintenance expenses were higher
in the three and six months ended June 30, 2009 compared with the
2008 period reflecting primarily higher costs, which are generally
reflected in rates, such as pension and other post-retirement
benefits and uncollectible accounts. Depreciation and property taxes
were higher in the three and six months ended June 30, 2009 compared
with the 2008 period reflecting primarily the impact from increased
capital expenditures and higher property tax rates. Results of
operations for the 2008 period include the gain on the sale of
generation projects and the impact of discontinued operations and for
the six months ended June 30, 2008 include the resolution of
litigation with Northeast Utilities. The following table presents
the estimated effect on earnings per share and net income for common
stock for the 2009 period compared with the 2008 period, resulting
from these and other major factors:

The changes in the amounts of energy delivered by the company's
utility subsidiaries, for actual and as adjusted for variations in
weather and billing days, for the three and six months ended June 30,
2009, as compared with the 2008 period were as follows (expressed as
a percentage of 2008
amounts):

Refer to the company's Second Quarter Form 10-Q, which is being
filed today with the Securities and Exchange Commission, for the
consolidated balance sheets at June 30, 2009 and December 31, 2008
and the consolidated income statements for the three and six months
ended June 30, 2009 and 2008. Additional information related to
utility sales and revenues is available at www.conedison.com (select
"Shareholder Services" and then select "Press Releases").

This press release contains forward-looking statements that reflect
expectations and not facts. Actual results may differ materially
from those expectations because of factors such as those identified in
reports the company has filed with the Securities and Exchange
Commission.

This press release also contains a financial measure, earnings from
ongoing operations. This non-GAAP measure should not be considered as
an alternative to net income for common stock, which is an indicator
of operating performance determined in accordance with GAAP.
Management uses this non-GAAP measure to facilitate the analysis of
the company's ongoing performance as compared to its internal budgets
and previously reported financial results. Management believes that
this non-GAAP measure is also useful and meaningful to investors.

Consolidated Edison, Inc. is one of the nation's largest
investor-owned energy companies, with approximately $14 billion in
annual revenues and $34 billion in assets. The company provides a
wide range of energy-related products and services to its customers
through the following subsidiaries: Consolidated Edison Company of
New York, Inc., a regulated utility providing electric, gas, and
steam service in New York City and Westchester County, New York;
Orange and Rockland Utilities, Inc., a regulated utility serving
customers in a 1,350 square mile area in southeastern New York state
and adjacent sections of northern New Jersey and northeastern
Pennsylvania; Consolidated Edison Solutions, Inc., a retail energy
supply and services company; Consolidated Edison Energy, Inc., a
wholesale energy supply company; and Consolidated Edison Development,
Inc., a company that participates in infrastructure projects.